3M (NYSE:MMM) Receives $124.43 Consensus PT from Brokerages

3M (NYSE:MMM) has been assigned an average rating of “Hold” from the fourteen analysts that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $124.43.

Several analysts have recently commented on MMM shares. Morgan Stanley started coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective for the company. Wells Fargo & Company increased their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Bank of America lifted their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Barclays increased their target price on shares of 3M from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada boosted their price target on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th.

3M Price Performance

Shares of MMM opened at $133.35 on Monday. The stock has a market cap of $73.79 billion, a P/E ratio of -10.48, a P/E/G ratio of 2.41 and a beta of 0.95. The business’s fifty day moving average is $123.40 and its 200 day moving average is $107.32. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a 12-month low of $71.12 and a 12-month high of $135.28.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period last year, the company earned $2.17 earnings per share. Sell-side analysts anticipate that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.10%. 3M’s payout ratio is -22.01%.

Insiders Place Their Bets

In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

A number of institutional investors have recently added to or reduced their stakes in MMM. Gilbert & Cook Inc. purchased a new stake in shares of 3M in the fourth quarter worth about $481,000. Aveo Capital Partners LLC purchased a new stake in 3M in the 4th quarter worth approximately $219,000. Level Four Advisory Services LLC lifted its stake in 3M by 19.9% in the 4th quarter. Level Four Advisory Services LLC now owns 7,811 shares of the conglomerate’s stock worth $854,000 after purchasing an additional 1,299 shares in the last quarter. Main Street Financial Solutions LLC boosted its holdings in 3M by 9.0% in the 4th quarter. Main Street Financial Solutions LLC now owns 4,947 shares of the conglomerate’s stock valued at $541,000 after purchasing an additional 407 shares during the period. Finally, ING Groep NV grew its position in shares of 3M by 9.1% during the 4th quarter. ING Groep NV now owns 75,614 shares of the conglomerate’s stock valued at $8,266,000 after purchasing an additional 6,316 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.